Two office assets in Manchester are among a portfolio sold by UBS Triton Property Fund to Max Property Group.
The Manchester offices are Concorde Business Park, containing 125,000 sq ft in five buildings near Manchester Airport, and Westpoint, 104,000 sq ft.
The portfolio was sold for £36.5m at a net initial yield of 12.7%. The other buildings in the 760,000 sq ft portfolio are largely in the South East. UBS was midway through a refurbishment programme at the time of sale.
There is a rent roll of £5m a year from the portfolio and a high void rate of 46% vacant space by floor area.
Aim-listed Max Property Group is managed by Prestbury Investments.
Max was represented by Franc Warwick; Tudor Toone advised UBS Triton.